Richard Beale, the director of a prestigious London-based auction house, has been arrested in New York City on charges related to his sale of multi-million dollar ancient coins. This arrest, which has not been previously reported, has sent shockwaves through the numismatic community and raised concerns about the integrity of the antiquities market.
As the owner and managing director of Roma Numismatics Limited, a renowned auction house specializing in rare and collectible coins, Richard Beale was considered a prominent figure in the industry. However, recent developments have tarnished his reputation and cast a shadow over his business.
According to a complaint filed in New York criminal court, Beale and Italo Vecchi, an Italian coin dealer working as a consultant specialist at Roma Numismatics, are alleged to have falsified the ownership history of two ancient coins that were sold at auction in 2020. The coins in question are of significant historical value, including one that commemorates the assassination of Julius Caesar.
The complaint states that Vecchi sold two rare coins to Beale between 2013 and 2014 without providing any provenance. Among them was the infamous "Eid Mar" coin, a Roman gold coin minted in 42 B.C. to honor the assassination of Julius Caesar on March 15, 44 B.C. The other coin, known as the "Sicily Naxos" coin, was minted in 430 B.C. in the Greek colony of Naxos on Sicily and is considered one of the rarest and most prized ancient coins in the world.
In order to deceive potential buyers and increase the value of the coins, Beale allegedly purchased false ownership history documents claiming that both pieces came from the collection of the Baron Dominique de Chambrier. These fabricated provenances were then used in auctions held in London in October and November 2020. The Eid Mar coin fetched a staggering £3.2 million ($4.1 million), setting a new record for the highest price ever paid for an ancient coin, while the Sicily Naxos coin sold for £240,000 ($291,000).
The criminal complaint further reveals that Beale and Vecchi manipulated the shipping information of the Eid Mar coin, which was transported to the United States twice in 2020. On both occasions, the coin was falsely declared as originating from either Turkey or Italy on U.S. customs paperwork. Similarly, the Sicily Naxos coin was falsely claimed to have originated from Italy. These fraudulent actions allowed the coins to be viewed as legitimate and significantly inflated their value.
In a separate but equally troubling allegation, Beale is accused of purchasing five other coins from a convicted antiquity trafficker that had been looted from the Gaza Strip in 2017. These coins, which he allegedly sold through Roma Numismatics using falsified provenance, raise serious ethical concerns regarding the illicit trade in cultural artifacts.
Richard Beale's arrest on January 10 resulted in charges of grand larceny, criminal possession of stolen property, conspiracy, and scheme to defraud. His next court appearance is scheduled for May, and the outcome of the case will undoubtedly have far-reaching implications for the auction house and the numismatic community at large.
This incident serves as a stark reminder of the importance of due diligence, transparency, and ethical practices in the trade of ancient artifacts. It highlights the need for stricter regulations and more robust mechanisms to verify the authenticity and provenance of antiquities. The arrest of Richard Beale should serve as a wake-up call for the industry, prompting a collective effort to safeguard the integrity of cultural heritage and protect collectors and investors from fraudulent practices.
As the owner and managing director of Roma Numismatics Limited, a renowned auction house specializing in rare and collectible coins, Richard Beale was considered a prominent figure in the industry. However, recent developments have tarnished his reputation and cast a shadow over his business.
According to a complaint filed in New York criminal court, Beale and Italo Vecchi, an Italian coin dealer working as a consultant specialist at Roma Numismatics, are alleged to have falsified the ownership history of two ancient coins that were sold at auction in 2020. The coins in question are of significant historical value, including one that commemorates the assassination of Julius Caesar.
The complaint states that Vecchi sold two rare coins to Beale between 2013 and 2014 without providing any provenance. Among them was the infamous "Eid Mar" coin, a Roman gold coin minted in 42 B.C. to honor the assassination of Julius Caesar on March 15, 44 B.C. The other coin, known as the "Sicily Naxos" coin, was minted in 430 B.C. in the Greek colony of Naxos on Sicily and is considered one of the rarest and most prized ancient coins in the world.
In order to deceive potential buyers and increase the value of the coins, Beale allegedly purchased false ownership history documents claiming that both pieces came from the collection of the Baron Dominique de Chambrier. These fabricated provenances were then used in auctions held in London in October and November 2020. The Eid Mar coin fetched a staggering £3.2 million ($4.1 million), setting a new record for the highest price ever paid for an ancient coin, while the Sicily Naxos coin sold for £240,000 ($291,000).
The criminal complaint further reveals that Beale and Vecchi manipulated the shipping information of the Eid Mar coin, which was transported to the United States twice in 2020. On both occasions, the coin was falsely declared as originating from either Turkey or Italy on U.S. customs paperwork. Similarly, the Sicily Naxos coin was falsely claimed to have originated from Italy. These fraudulent actions allowed the coins to be viewed as legitimate and significantly inflated their value.
In a separate but equally troubling allegation, Beale is accused of purchasing five other coins from a convicted antiquity trafficker that had been looted from the Gaza Strip in 2017. These coins, which he allegedly sold through Roma Numismatics using falsified provenance, raise serious ethical concerns regarding the illicit trade in cultural artifacts.
Richard Beale's arrest on January 10 resulted in charges of grand larceny, criminal possession of stolen property, conspiracy, and scheme to defraud. His next court appearance is scheduled for May, and the outcome of the case will undoubtedly have far-reaching implications for the auction house and the numismatic community at large.
This incident serves as a stark reminder of the importance of due diligence, transparency, and ethical practices in the trade of ancient artifacts. It highlights the need for stricter regulations and more robust mechanisms to verify the authenticity and provenance of antiquities. The arrest of Richard Beale should serve as a wake-up call for the industry, prompting a collective effort to safeguard the integrity of cultural heritage and protect collectors and investors from fraudulent practices.
